India Services PMI Eases Marginally to 60.3 in July

5 Aug 2024 , 11:39 AM

The services activity in the country in July eased marginally from a month ago with higher wages and material costs pushing up business expenses. The seasonally adjusted HSBC India Services Business Activity Index was at 60.3 in July, down fractionally from 60.5 a month ago.

July reading was more than six points higher than its long-run average, S&P Global which compiles the data said.

The Composite Output Index, a weighted average of manufacturing and services PMI indices, eased marginally to 60.7 in July from 60.9 in June.

A PMI reading of above 50 indicates an overall increase compared to the previous month, and below 50 an overall decrease.

India manufacturing PMI had moderated to 58.1 in July from 58.3 in June.

Stronger cost pressures and positive demand trends contributed to the steepest rise in prices charged for services in seven years, S&P Global said.